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News
Diageo shares up more than 2% on UK election
Diageo’s share price opened more than 2% higher this morning following the UK’s snap General Election, which resulted in a surprise hung parliament.
Diageo is the world’s largest producer of alcoholic drinks
When the stock market opened at 8am, the Johnnie Walker maker’s company shares had risen 2.14%.
The increase has slowed over the course of the day with shares now trading up 1.62% (1pm figure).
The pound fell sharply against both the US dollar and euro overnight after exit polls suggested the incumbent Conservative party had failed to secure a majority.
Sterling dropped to 1.2635 against the dollar and to 1.1370 against the euro. The currency is now showing some signs of recovery.
Despite shedding 12 seats, the Conservatives remain the largest party with 318 seats, eight short of the 326 needed for a majority. Solid gains were made by main rival Labour, which now holds 261 seats, with one constituency still to declare.